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Market Watch: Post offices could give low-income Americans access to financial services
“If U.S. Postal Service (USPS) branches offered banking services, more lower income people and minorities could benefit, according to a new study, ‘Can Post Offices Increase Access to Financial Services?’ by researchers Mathieu Despard, Terri Friedline and Kevin Refior, as part of the Mapping Financial Opportunity project, which is part of the University of Kansas. Mapping-Financial-Opportunity MetLife Foundation financially supported the research. The study found that rural communities could benefit the most, because they have more post offices than banks (0.89 Post Offices for every 1,000 people) compared with cities (0.04 per 1,000). In fact, almost 40% of the zip codes in the U.S. don’t have a bank or a credit union — mostly in rural areas…”